New prices for petrol, diesel and gas were issued by the Price Tribunal on July 15 and came into effect on the same date.
However, after hearing the concerns of companies selling LPG, the Tribunal has decided to give more time for them to adjust to the upcoming changes and will revoke Price Order 12/2015 for LPG prices only, effective from July 22.
The effect on the market will be that some companies will be allowed to continue to sell LPG at no more than $3.72 per kg wholesale price and $4.45 per kg retail price.
A media release from the Ministry of Internal Affairs said a number of companies supplying LPG had advised the Price Tribunal that they were able to adopt the new prices immediately and would continue to sell at those lower prices. They included Origin Energy, Cook Islands Gas and DJ Gas.
Under the new pricing arrangements, LPG prices were reduced significantly to no more than $2.92 per kg wholesale price and $3.87 per kg retail price.